The smell of potential is thick in the air, right? Blockchain and crypto was once viewed as niche technology. Today, they are taking off quickly in surprising parts of the world—in particular, Southeast Asia. I’ve experienced the hustle and creativity of the artists using NFTs to sidestep traditional gatekeepers and build communities directly with collectors across the globe. Imagine a young painter in Bali selling her vibrant canvases to someone in London, bypassing galleries that take hefty commissions. A musician from the Philippines is raising funds for his next album using a decentralized autonomous organization (DAO). This smart move provides his fans the ability to invest in his success. This is the promise of crypto: democratizing access and empowering creators. Will the FCA’s proposed regulations protect or undermine this rapidly growing ecosystem?
Regulation: A Bridge or Barrier?
The FCA's intentions are noble. Additionally, they urge for increased confidence in the crypto sector, the fostering of growth and innovation, and the protection of consumers. Absolutely vital. No one likes the thought of a future Squid Game token rug pull. Good intentions aren't enough. When regulation is poorly designed, it can throw up colossal roadblocks. This is particularly the case for those who can’t afford to traverse opaque and complex legal systems.
Think of it like this: You're trying to build a bamboo bridge across a river. On the other side, you have experienced engineers with the best materials at their disposal. On the other, resourceful villagers using locally sourced bamboo and ingenuity. A well-designed bridge benefits everyone. If the bridge needs specialized materials only the engineers can reach, the villagers are stuck. This is the real risk of overbroad crypto regulation.
Southeast Asia's Cry For Help
For artists working in Southeast Asia, the situation is especially dire. They often face unique challenges: limited access to traditional financial institutions, exorbitant transaction fees, and weak legal protections for their intellectual property. Crypto has offered a lifeline. It sets you free to break down barriers and participate in the global economy more equitably.
I've spoken with several artists in the region who are terrified that overly strict regulations could kill this burgeoning opportunity. They’re concerned that burdensome compliance processes and steep licensing costs might prevent them from using crypto at all. This may be the case because restrictions on DeFi could render funding, distribution, and/or ownership impractical for them. Now imagine demanding that same level of professionalism from a street artist in Bangkok as you would from that same multinational corporation. It's simply not realistic.
- Limited Access to Capital
- High Transaction Fees
- Lack of Legal Protection
Yet these challenges are not simply academic concerns, they are tangible, on the ground barriers to economic empowerment. And in its current form, crypto provides an answer to this need. The FCA needs to understand this context.
Inclusivity: The Only Way Forward
The FCA’s discussion paper focuses on important topics such as intermediaries, staking, DeFi and the use of credit to buy crypto. These are all excellent considerations, but they should all be placed squarely on the table through the lens of inclusivity. How are these regulations going to affect large and small scale projects and individual creators? Can you make exemptions to lessen the burden on people who can’t afford it? How can the FCA deliver educational programming to arm artists with knowledge to better understand and respond to the regulatory landscape?
The answer to these questions is yes. The FCA needs to discover ways of ensuring that its regulations themselves are fair, balanced and conducive to innovation. You have to deal with the fact that this is a global market place, as you continue to try to play catch up. You hear their concerns and modify your regulatory framework to focus on their particular needs.
The British government’s plan to join American officials on this cutting edge path is the right move and should go further. It has to go further still. It needs to involve voices from the Global South, those who are most likely to be impacted by these regulations.
A Call To Action: Shape The Future
The FCA is open to comments on its discussion paper until June 13th. Now’s your time to ensure your voice is heard. If you agree with me that crypto has real potential to help Southeast Asia’s artists and creators, I want to hear from you. Your comments are powerful—let them be heard! Share with the FCA your experiences as an artist in emerging markets, and the need for inclusive regulation that serves your interests.
The future of crypto regulation is still unwritten. It's up to us to shape it. In responding to the FCA’s call for regulation, let’s not forget that regulation should empower emerging artists—not crush their creative and economic potential! Let's build that bridge together, making sure it's accessible to everyone, not just the privileged few. Don't let this moment pass. So, raise your voices, be changemakers, and let’s create a future where evolution and accessibility don’t just coexist, they thrive together. Simply put, because those voices of those Balinese painters and Filipino musicians should be heard.
- Submit your comments to the FCA.
- Support organizations that are working to promote blockchain adoption in the creative sector.
- Share this article with your network and encourage others to take action.
The future of crypto regulation is not set in stone. It's up to us to shape it. Let's ensure that the FCA's call for regulation empowers emerging artists rather than stifling their creativity and economic opportunities. Let's build that bridge together, making sure it's accessible to everyone, not just the privileged few. Don't let this moment pass. Speak up, advocate, and demand a future where innovation and inclusivity go hand in hand. Because the voices of those Balinese painters and Filipino musicians deserve to be heard.
